Grayscale’s Bitcoin Trust has witnessed a decline in net outflows over three consecutive days, showcasing a significant reduction to $22.4 million. Concurrently, Bitcoin ETFs have observed robust net inflows, reaching a two-week peak. Grayscale experienced persistent outflows for 31 days since its ETF conversion, totaling an outflow of $7.47 billion.
Grayscale’s ETF Outflow Slows Down
The final trading day of the week recorded a substantial net outflow, but by the week’s end, this figure was cut in half. Adam Back, CEO of Blockstream, highlighted the importance of the shift towards an influx for GBTC, suggesting that an adequate premium could entice investors into arbitrage opportunities for the fund. Henrik Andersson of Apollo Crypto also noted that any net inflow into Grayscale’s fund would be a strong market indicator.
Bitcoin ETFs Garnering Increased Investment
Recent data indicates that the collective net inflows for Bitcoin ETFs, including Invesco and Galaxy, have surged to $515.5 million, the most substantial in fourteen days. Despite a high combined net inflow earlier in the month, ETFs have struggled to maintain this level, with GBTC’s significant outflows influencing the overall figures.
On February 26, Fidelity’s ETF was a major contributor to the day’s net inflow, with substantial investment coming in. BlackRock’s ETF, along with funds from ARK Invest and 21Shares, also reported notable inflows, collectively rounding out the rest of the net total for that day.